In keeping with an announcement on August 13, Bitfirm co-founder and chairman Nicholas Bonta will step down from his place on the corporate’s board of administrators efficient instantly as the corporate continues to struggle a hostile takeover bid by Riot Platforms.

Bonta is one in every of three administrators that Riot plans to exchange in a shareholder vote scheduled for October.

Management transition

Following Bonta's retirement, lead director Brian Howlett will turn out to be unbiased chairman, and Ben Gagnon will turn out to be CEO and be a part of the board of administrators.

As well as, Liam Wilson will tackle the position of Chief Working Officer (COO) on August twenty sixth.

Eddie Hofmeister, chairman of the Governance and Nominating Committee, emphasised that Bitfirm's board is dedicated to constructing the best workforce to execute its strategic plan and create long-term worth for shareholders.

“Bitfarm's board of administrators is concentrated on making certain the corporate has the best workforce to supervise and execute on our strategic plan to ship worth within the brief and long run.”

Bitfarm's administration modifications come at a important time as the corporate faces an aggressive takeover try from Riot.

Riot tried to accumulate Bitfarms for round $950 million in April, however the provide was rejected because it undervalued the corporate.

Since then, Riot has turn out to be Bitfarm's largest shareholder by means of a big share acquisition, taking its stake to fifteen.9%, and has additionally criticized Bitfarm's governance, calling for the elimination of the corporate's board of administrators for allegedly prioritizing director pursuits over these of shareholders.

Second quarter income declines

These administration modifications come lower than per week after the bitcoin miner revealed that its whole income fell 16% from the primary quarter to $42 million.

The corporate attributed the drop to a discount in block rewards following the Bitcoin halving occasion in April, which noticed miners' block rewards drop dramatically from 6.25 BTC to three.125 BTC per block throughout this yr's occasion.

Moreover, BitFarms reported an working lack of $23.6 million, which included $46 million in accelerated depreciation prices on outdated mining tools.

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